- National Assembly criticized for speedy approval of loan requests presented by President Bola Tinubu
- Experts warn that Nigeria’s rising debt could lead to serious trouble
- Nigeria’s public debt stands at N138tn, with additional debts accumulated in July and November
- Previous loans approved by the National Assembly include $7.8bn and €100m as part of the 2022-2024 borrowing plan
- Senate gave speedy consideration to Tinubu’s request for N6.2tn appropriation amendment bill
The National Assembly is facing criticism for its swift approval of loan requests presented by President Bola Tinubu. Experts are warning that Nigeria’s continuous accumulation of debt without proper scrutiny could lead to serious trouble.
Nigeria’s public debt has now reached N138tn, with additional debts accumulated in July and November. This has raised concerns about the country’s ability to manage its debt.
The National Assembly has previously approved several loans, including $7.8bn and €100m as part of the 2022-2024 borrowing plan. The Senate also gave speedy consideration to Tinubu’s request for N6.2tn appropriation amendment bill.
Experts are calling for more scrutiny and transparency in the approval of loan requests to prevent Nigeria from falling into a debt trap.